CO129-629-4 Commerce and Industry Department- supplies branch. Includes a statement of accounts for May 1946-March 1950-... 1-11-1951 - 31-1-1952 — Page 11

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LOWE. BINGHAM & MATTHEWS. HONG KONG

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account styled "Open Account with The Supreme Commander

Allied Powers, Japan." It is felt that a detailed des-

cription of the design of the new trade arrangements is

not necessary but we wish to give a brief resume of the

sources of income of Hong Kong Government arising from

the instigation of new terms of trade and banking pro-

cedure through this Open Account.

COMMISSION

Exports

of the value of drafts negotiated by Hong Kong

exporters under Letters of Authority (similar to com-

mercial Letters of Credit), payable per media of auth-

orised negotiating banks at time of negotiation of

documents against Letter of Authority.

Imports

1) 1% of the value of Letter of Authority opened

under valid import licence, payable on opening

of Letter of Authority.

ii) 1% of the value of drafts drawn by exporters in

Japan when same are retired in Hong Kong; if

retirement is not effected within three months

from the date of opening Letter of Authority,

an additional 1/8% commission is charged for

every month or fraction of a month until retire-

ment is effected.

iii) HK$0.08 per US$1 in respect of unused or cancel-

led exchange under Letter of Authority issued,

except that:

(a) No charge is made for cancelled exchange

of US$100 or less.

(b) Commissions of HK$10 or less are waived,

and

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